And now, according to The Hollywood Reporter, the renaissance Hollywood man is in talks to star in 'Oz, the Great and Powerful,' Disney's prequel-like take on 'The Wizard of Oz.'

Robert Downey Jr. was slated to play the character, but that fell through two and a half weeks ago. Then Johnny Depp was up for the elusive part, but the 'Pirates of the Caribbean' actor passed on the opportunity Thursday night.

And now it looks like it's the former 'Freaks and Geeks' star who's being considered to play the young illusionist bound for the land of Oz.

Sources claim no dealmaking has begun and the casting is far from a done deal. The film 'Oz' doesn't have a start or release date yet, but the production is said to be a high priority for the studio.

Franco is currently nominated for the 'Best Actor' category of the Academy Awards for his role in '127 Hours.' If the guy can convincingly act out amputating his own limb, he can totally pull off the role of being a majestic wizard in-the-making!

I think Franco can pull off ANY character out there. He's all over the place and I love that he's the next Johnny Depp. Not everyone can act in so many different forms. He's truly an artist. I hope he takes this role.